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SEBI SCORES

SEBI SCORES: Empowering Investors with Swift Grievance Redressal

Let us delve into Securities and Exchange Board of India’s (SEBI's) Complaints Redress System, known as SCORES. This platform has been instrumental in empowering investors by providing a streamlined process to address their grievances.

What is SCORES?

SCORES stands for SEBI Complaints Redress System. This is an online platform, launched by the SEBI to facilitate investors in lodging and tracking their complaints against listed companies, registered intermediaries, and other market participants. The primary objective of SCORES is ensuring transparency, speed and effective resolution of investor grievances

Key Features of SCORES:

  • User-Friendly Interface: Investors can easily register their complaints through the web portal or the mobile app. The platform is designed to be intuitive, so as to ensure even people with minimal technical expertise can navigate the portal effortlessly.

  • Efficient Redressal Mechanism: SCORES ensures that complaints are forwarded to the concerned entity, which is mandated to resolve the issue within a stipulated timeframe. This mechanism promotes accountability and prompt resolution.

  • Real-Time Tracking: Once a complaint is lodged, investors receive a unique registration number, allowing them to monitor the status and progress of their grievance on a real-time basis.

  • Feedback System: After the resolution of a complaint, investors can provide their feedback on the redressal process, thereby helping SEBI enhance the platform's efficiency and user satisfaction.

Introduction of SCORES 2.0:

    In April 2024, SEBI introduced an upgraded version of the platform, termed SCORES 2.0. This enhancement is aimed to bolster the efficiency and user-friendliness of investor grievance redressal in the securities market. The new version boasts several improvements:

  • Reduced Resolution Time: The timeline for redressal of investor complaints has been reduced to 21 calendar days from 30 calendar days, expediting the overall grievance handling process.

  • Auto-Routing of Complaints: Complaints are automatically directed to the relevant regulated entity, minimizing manual intervention and expediting the initial processing phase.

  • Auto-Escalation Mechanism: If a complaint remains unresolved within the stipulated timeframe, the system automatically escalates the complaint to next higher authorities, promoting accountability and prompt action.

  • Two-Level Review System:

    • Investors can seek a first-level review from the designated bodies within 15 days from the date of receipt of the Action Taken Report (ATR) from the entity.
    • If the investor is still unsatisfied with the reply of designated bodies, a second-level review can be sought by the investor from SEBI within 15 days from the date of receipt of the Action Taken Report (ATR) from the designated bodies.

  • Integration with KYC Registration Agency Database: For seamless registration of investors on the SCORES platform, the platform has been integrated with database of KYC registration agency. This will ensure that investor details are fetched instantly post validation of PAN and mobile OTP. The new platform now offers a more user-friendly experience, making it easier for investors to lodge and track their complaints.

How to Lodge a Complaint on SCORES:

  1. Registration: Visit the SCORES website and register as a new user by providing essential details like name, address, email, mobile number, and PAN.

  2. Lodging the Complaint: After registration, log in to your account and fill out the complaint form, specifying the nature of the grievance and the entity against which the complaint is being lodged. Supporting documents can be uploaded in PDF format (up to 2MB).

  3. Acknowledgment: Upon successful submission, a unique registration number is generated, which can be used to track the complaint's status

  4. Tracking and Resolution: Use the registration number to monitor the progress of your complaint. Once resolved, you can provide feedback on the process.


Information Required for Registering on SCORES:

For lodging a complaint on SCORES, the following Know Your Customer (KYC) information has to be mandatorily provided by complainants/complainants.

Matters not treated as complaint in SCORES:

  1. Complaint not pertaining to investment in securities market
  2. Anonymous Complaints
  3. Incomplete or un-specific complaints
  4. Allegations without supporting documents
  5. Suggestions or seeking guidance/explanation
  6. Not satisfied with trading price of the shares of the companies, may be taken up on MI Portal
  7. Non-listing of shares of private offer, if there is any violation of securities lawsmay be taken up on MI Portal
  8. Complaints against a sick company where a moratorium order is passed in winding up / insolvency proceedings / companies under liquidation.
  9. Complaints against the companies where the name of company is struck off from Registrar of Companies (RoC) or a Vanishing Company as per list published by Ministry of Corporate Affairs (MCA).
  10. Complaints against companies, falling under the purview of other regulatory bodies viz. RBI, IRDAI, PFRDA, CCI, etc., or under the purview of other ministries viz., MCA, etc.
  11. Complaints relating to cases pending in a court or subject matter of quasi-judicial proceedings, disputes pending with Online Dispute Resolution mechanism under the aegis of Market Infrastructure Institutions etc.
  12. Disputes pending with Online Dispute Mechanism under the aegis of Market Infrastructure Institutions [as per SEBI master Circular SEBI/HO/OIAE/OIAE_IAD-A/P/CIR/2023/145 dated July 31, 2023]
  13. Complaints which are in the nature of market intelligence i.e., information given to SEBI regarding violation of any of the provisions of the securities laws. Such complaints can be lodged on https://miportal.sebi.gov.in.

Timeline to lodge complaint on SCORES 2.0

  1. The complainant has to lodge the complaint against the concerned entity on SCORES within a period of one year from the date of occurrence of the cause of action.
  2. If any complaint is filed on SCORES beyond the limitation period specified above, SEBI may reject such complaint

Mobile Accessibility

To enhance accessibility, SEBI has introduced the SEBISCORES mobile app, available on the Google Play Store. This app allows investors to lodge and track complaints on the go, ensuring that assistance is just a tap away.

Conclusion:

The SCORES platform exemplifies the organization's commitment to protecting the interest of the investor and maintaining market integrity. By leveraging technology, SEBI provided a transparent, efficient, and user-friendly grievance redressal system, ensuring that the investor concerns are addressed promptly and thereby fostering greater confidence in the securities market

To know more about SCORES, you may call SEBI Toll-Free helpline numbers - 1800 22 7575 / 1800 266 7575 and to lodge a complaint, visit the SCORES website www.scores.sebi.gov.in

Video - https://scores.sebi.gov.in/tutorial-video